Business Transactions (Administration) Act 2006 (NI)

NORFOLK ISLAND

Business Transactions (Administration) Act 2006

No. 13, 2006

Compilation No. 1

Compilation date: 18 June 2015

Includes amendments up to: Norfolk Island Continued Laws Amendment Ordinance 2015 (No. 2, 2015)

Prepared Date: 31 August 2015

NORFOLK ISLAND

BUSINESS TRANSACTIONS (ADMINISTRATION) ACT 2006

TABLE OF PROVISIONS

Section PART 1 – PRELIMINARY 1. Short title 2. Commencement 2A. Purpose 3. Interpretation 4. Unencumbered value: arrangements to reduce levy 5. Levy avoidance schemes PART 2 – ADMINISTRATION 6. Officer 7. Delegation 8. Secrecy 9. Levy impression PART 3 – LIABILITY TO LEVY Division 1 – General 10. When instruments lodged and levy payable 11. Unstamped instruments not to be registered 12. Liability to levy in respect of instruments outside Norfolk Island 13. Apportionment 14. Apportioning certain leviable property where business in Norfolk Island and elsewhere 15. Copies of instruments 16. Instruments not fully executed may be lodged for assessment 17. Evasion of levy 18. Levy denoted by impression 19. Fraudulently removing, etc, stamps 20. Matters subject to levy 21. Money in foreign currency to be valued 22. Instrument on which no levy is payable Division 2 – Partnerships 23. Interpretation: partnership property and partnership interest 24. Acquiring a partnership interest 25. Value of partnership acquisition 26. Value of partnership acquisition if change in membership of partnership by admission of one or more new partners 27. Value of partnership acquisition where merger of 2 or more partnerships 28. Reduction of leviable value of leviable property if conveyed to partner on retirement or dissolution of partnership Division 3 – Transactions Otherwise than by Leviable Instruments 29. Application 30. Payment of levy on statements in absence of leviable instrument 31. Effect of execution of leviable instruments 32. Aiding and abetting 33. Offences relating to statements PART 4 – ASSESSMENTS 34. Assessment of returns 35. Lodging of instruments for assessment 36. Information for the purpose of making assessment 37. Failure to comply with requirements for further information,etc 38. False or misleading returns 39. False or misleading declarations 40. Incriminating information, etc 41. Enforcement of court orders to pay 42. Assessment of levy on instruments 43. Retaining and impounding of instruments 44. Default assessments 45. Notice of default assessments 46. Penalty additional to levy on default assessments 47. Amended assessment 48. Assessments in relation to deceased persons 49. Validity of assessments PART 5 – APPEALS 50. Objections to assessments 51. Appeal to Administrative Review Tribunal 52. Appeal pending not to affect liability or assessment 53. Adjustments of levy after appeal 54. Interest payable on refunded levy PART 6 – RECOVERY OF LEVY 55. Recovery of levy 56. Additional penalty for failure to pay levy on time 57. Recovery of additional penalty 58. Instrument not to be stamped until penalty paid 59. Recovery of levy from trustees of deceased persons 60. Collection of levy from person indebted to person liable to levy 61. Person in receipt, etc, of money for non-resident 62. Evidence PART 7 – PROSECUTIONS 63. Time of bringing prosecutions 64. Protection of witnesses 65. Averment of prosecutor 66. Certain prosecutions by the Officer or an appointed person PART 8 – MISCELLANEOUS 67. Extensions of time, etc 68. Refunds and remissions of levy 69. Terms on which unstamped or insufficiently stamped instruments may be received in evidence 70. Secondary evidence of documents 71. Instruments not duly stamped inadmissible 72. Rules as to instruments executed out of Norfolk Island 73. Continuing offences 74. Service of documents 75. Judicial notice 76. Entry on land, etc 77. Appearances by Officer 78. Annual Report 79. Regulations 80. Transitional